"The Bloomberg dollar index rose to its highest since April 12 as traders mulled next month's Federal Reserve decision."
— Alexandria Arnold and Dennis Pettit, Bloomberg
Pair's outlook
At the middle of Tuesday's trading session the US Dollar was located at the 1.3720 mark against the Canadian Dollar, and it seemed that the currency exchange rate was set for additional gains. The pair had broken the resistance put up by the weekly PP, which is located at the 1.3695 level. Due to that reason it is most likely that the currency pair will surge up to the weekly R1 at the 1.3752 level. However, the pair already made an attempt to surge on Monday and failed, which means that there is a still a not discovered additional resistance or fundamental reason for the recent moves.
Traders' sentiment
SWFX market sentiment remains largely bearish, as 71% of open positions are short on Tuesday, and 65% of trader set up orders are to sell the Buck.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -42% | -46% | -48% | |
| Orders | -30% | -42% | -34% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Buy | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Buy | Buy | |
| ADX (14) | Buy | Neutral | Neutral | |
| CCI (14) | Neutral | Sell | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Buy | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | ↗ | ↑ | |